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Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
Revenues by Product
“Product revenues, net” consisted of the following:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(in millions)
TRIKAFTA/KAFTRIO$2,551.1 $2,449.2 $5,086.6 $4,932.8 
ALYFTREK156.8 — 210.7 — 
Other product revenues236.1 196.4 406.9 403.4 
Total product revenues, net$2,944.0 $2,645.6 $5,704.2 $5,336.2 
In the three and six months ended June 30, 2025, "Other product revenues" included $30.4 million and $44.6 million, respectively, from CASGEVY, and $12.0 million and $13.3 million, respectively, from JOURNAVX. In the three and six months ended June 30, 2024, there were no revenues for these products. The remaining “Other product revenues” are related to KALYDECO, ORKAMBI, and SYMDEKO/SYMKEVI, our other CF products.
Product Revenues by Geographic Location
“Product revenues, net” by geographic region, based on the location of the customer, consisted of the following:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(in millions)
United States$1,827.5 $1,614.3 $3,481.0 $3,134.2 
Outside of the United States
Europe910.9 806.8 1,737.5 1,774.2 
Other
205.6 224.5 485.7 427.8 
Total product revenues outside of the United States1,116.5 1,031.3 2,223.2 2,202.0 
Total product revenues, net
$2,944.0 $2,645.6 $5,704.2 $5,336.2 
Significant Segment Expenses
Significant segment expenses are set forth in the following table:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(in millions)
Total revenues$2,964.7 $2,645.6 $5,734.9 $5,336.2 
Costs and expenses:
Cost of sales - products140.5 123.5 271.1 232.3 
Cost of sales - royalty267.0 248.4 499.4 482.2 
Research expenses209.3 207.3 415.4 403.4 
Development expenses769.1 759.3 1,542.7 1,352.3 
Acquired in-process research and development expenses2.2 4,449.1 22.0 4,525.9 
Selling and other commercial expenses264.6 196.3 505.7 388.0 
General and administrative expenses160.0 175.9 315.3 326.9 
Intangible asset impairment charge— — 379.0 — 
Interest income(122.4)(156.5)(243.3)(337.7)
Other segment items (1)
(8.6)33.5 14.2 75.0 
Provision for income taxes250.1 202.4 334.2 381.9 
Net income (loss)$1,032.9 $(3,593.6)$1,679.2 $(2,494.0)
(1)Other segment items included in “Net income (loss)” primarily include changes in the fair value of contingent consideration, interest expense and changes in the fair value of equity investments.
Additional Segment Information
During the three and six months ended June 30, 2025, we recorded total depreciation and amortization expense of $51.7 million and $100.1 million, respectively. During the three and six months ended June 30, 2024, we recorded total depreciation and amortization expense of $54.0 million and $107.5 million, respectively.